TP ICAP Group PLC Trading update - three months ended 30/09/2021 (9889Q)
02 Noviembre 2021 - 1:00AM
UK Regulatory
TIDMTCAP
RNS Number : 9889Q
TP ICAP Group PLC
02 November 2021
TP ICAP GROUP PLC ("TP ICAP" or the "Group")
2 November 2021
Trading update for the three months ended 30 September 2021 (the
"Period")
Nicolas Breteau, Chief Executive Officer, TP ICAP said:
"TP ICAP capitalised on improved operating conditions during the
third quarter compared with the same period last year, due to
increased volatility and higher secondary trading volumes. This
resulted in revenue growth across all our divisions, with
particular strength in Energy & Commodities.
These favourable trends continued through October 2021 and we
continue to anticipate full-year revenue for the Group, excluding
Liquidnet, to be broadly in line with 2020 on a constant currency
basis."
Three month period to Nine month period
GBPm 30 September to 30 September
------------------------------- --------------------------
Revenues 2021 2020 Constant 2021 2020 Constant
currency currency
change change
----------------------------------- ----- ----- ---------- --- ------ ------ ----------
Global Broking(1) 247 241 812 850
Inter-division revenues(2) 5 5 15 15
----------------------------------- ----- ----- ---------- --- ------ ------ ----------
Total Global Broking 252 246 +2% 827 865 -4%
----------------------------------- ----- ----- ---------- --- ------ ------ ----------
Energy & Commodities 91 78 276 283
Inter-division revenues(2) 1 1 2 2
----------------------------------- ----- ----- ---------- --- ------ ------ ----------
Energy & Commodities 92 79 +16% 278 285 -2%
----------------------------------- ----- ----- ---------- --- ------ ------ ----------
Excluding Liquidnet 17 15 +13% 66 71 -7%
Liquidnet 51 - n/a 106 - n/a
----------------------------------- ----- ----- ---------- --- ------ ------ ----------
Agency Execution 68 15 +353% 172 71 +142%
----------------------------------- ----- ----- ---------- --- ------ ------ ----------
Data & Analytics 37 34 +9% 109 98 +11%
Post-trade Solutions 4 5 -20% 14 18 -22%
----------------------------------- ----- ----- ---------- --- ------ ------ ----------
Parameta Solutions 41 39 +5% 123 116 +6%
----------------------------------- ----- ----- ---------- --- ------ ------ ----------
Inter-division eliminations(2) (6) (6) 0% (17) (17) 0%
----------------------------------- ----- ----- ---------- --- ------ ------ ----------
Group Total (Constant
Currency Basis) 447 373 +20% 1,383 1,320 +5%
----------------------------------- ----- ----- ---------- --- ------ ------ ----------
Exchange Translation 15 58
----------------------------------- ----- ----- ---------- --- ------ ------ ----------
Group Total (Reported
Basis) 447 388 +15% 1,383 1,378 0%
----------------------------------- ----- ----- ---------- --- ------ ------ ----------
Notes:
1. For Q3 2020, GBP5m of revenues (GBP18m year-to-date) have
been reclassified from Global Broking to Parameta Solutions as a
result of the transfer of Post-Trade Solutions to Parameta
Solutions since the start of 2021.
2. Inter-division charges have been made by Global Broking and
Energy & Commodities to reflect the value of proprietary data
provided to the Data & Analytics business which are eliminated
upon the Group's consolidation.
Revenue and activity by division for the Period (on a constant
currency basis) :
-- Global Broking revenue increased by 2%, driven primarily by a
good performance in Equities, partially offset by a weaker
performance in Rates.
-- Energy & Commodities revenue increased by 16%, with
growth across all asset classes, as energy market price volatility
provided client trading opportunities.
-- Agency Execution revenue increased by 353% largely due to the
inclusion of Liquidnet. Excluding Liquidnet, revenue increased by
13%, driven by continued growth in the COEX brand. We continue to
make good progress with our integration plans for Liquidnet and are
delivering our cost synergy programme ahead of expectations. We now
expect Liquidnet post-acquisition revenue for 2021 to be at the
lower end of our previously guided range of GBP160m to GBP180m due
to lower equity market volumes globally during October.
-- In Parameta Solutions, Data & Analytics revenue grew by
9% as it continued to benefit from new products launched.
Post-trade Solutions revenue declined by GBP1m.
Revenue for the first nine months:
-- Revenue for the nine months to 30 September 2021 of GBP1,383m
was 5% higher than the prior year in constant currency (2020:
GBP1,320m), and in line on a reported basis;
-- Excluding Liquidnet post acquisition revenue of GBP106m,
revenue was 3% lower than the prior year in constant currency, and
7% lower on a reported basis.
For further information:
Analysts and Investors:
-- Dominic Lagan, Group Head of Investor Relations
Mobile: +44 (0) 77 3990 3284
E-mail: Dominic.Lagan@tpicap.com
Media:
-- William Baldwin-Charles, Group Media Relations Director
Direct: +44 (0) 20 7200 7124
Mobile: +44 (0) 78 3452 4833
E-mail: William.Baldwin-Charles@tpicap.com
-- Neil Bennett, Maitland
Direct: +44 (0) 20 7379 5151
E-mail: tpicap-maitland@maitland.co.uk
About TP ICAP Group plc
TP ICAP is a leading global markets infrastructure and data
solutions provider. The Group connects buyers and sellers in global
financial, energy and commodities markets. We are the world's
largest wholesale market intermediary, with a portfolio of
businesses that provide broking services, trade execution, data
& analytics and market intelligence. www.tpicap.com
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